The Lazarus Group: North Korea’s Crypto Holdings Worth $47 Million
A recent report from institutional crypto platform provider 21.co reveals that the Lazarus Group, a notorious North Korean hacking group, has holdings of over $47 million in cryptocurrency. The majority of their crypto assets are in Bitcoin (BTC), with around 1,600 Bitcoin stored in their wallets. Additionally, they hold 10,810 Ether (ETH) and 64,490 Binance Coin (BNB).
The report compiled data from a Dune Analytics dashboard that tracks 295 wallets associated with the Lazarus Group, as identified by the US government. At the time of the report, their wallets contained approximately $75 million worth of crypto.
Possible Higher Amount
While the reported holdings are significant, 21.co believes that the actual amount may be much higher. They consider their estimate to be a “lower-bound estimation” based on publicly available information. The firm invites anyone with information on other hacks connected to the group to contact them for further tracking of assets.
Lazarus Group’s Long List of Crypto Heists
The Lazarus Group is responsible for several major crypto heists. They recently attacked CoinEx, draining it of at least $28 million worth of crypto. Other notable attacks attributed to them include a $620 million theft from Sky Mavis’ Ronin Bridge, a $100 million theft from Harmony’s Horizon Bridge, and another $100 million theft from Atomic Wallet.
According to the US government, half of North Korea’s missile funding is derived from cybercrimes and crypto thefts. This has led to ongoing efforts to understand how a nation like North Korea manages to be so innovative in this space.
Hot Take: North Korean Hackers Continue to Amass Wealth through Cryptocurrency
The Lazarus Group, a hacking organization affiliated with North Korea, has accumulated over $47 million in cryptocurrency, primarily Bitcoin. Although the reported amount is substantial, it is believed to be an underestimation. The group’s recent cyber attacks on various crypto platforms and wallets have resulted in significant thefts, including millions of dollars’ worth of crypto from CoinEx. The US government has identified the Lazarus Group as a major threat, with their illicit activities contributing to North Korea’s missile funding. As the group continues to exploit vulnerabilities in the crypto space, efforts are being made to comprehend their innovative tactics.
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